The CHF/JPY pair has experienced an impressive and sustained bullish run, gaining approximately 1000 pips in under two months. Such rapid and significant upward movements often lead to a healthy market correction as buyers exhaust their momentum and profit-taking ensues.
Based on this strong bullish run, and likely factoring in overbought conditions that often follow such moves, the pair appears ready for a short-term correction. The level of 180.000 stands out as a critical psychological and technical target for this potential pullback.
Considering the exhaustion of the recent rally, a short-term sell trade targeting 180.000 appears to be a viable strategy. My sell trade is currently on 10 pips gain and its not too late to join the rally.
Stay safe!
Based on this strong bullish run, and likely factoring in overbought conditions that often follow such moves, the pair appears ready for a short-term correction. The level of 180.000 stands out as a critical psychological and technical target for this potential pullback.
Considering the exhaustion of the recent rally, a short-term sell trade targeting 180.000 appears to be a viable strategy. My sell trade is currently on 10 pips gain and its not too late to join the rally.
Stay safe!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.